Financial Performance - The company reported cash EBITDA of RMB 1,515 million for the six months ended June 30, 2024, an increase of approximately RMB 244 million or 19.2% compared to the same period in 2023[2]. - The company's revenue for the six months ended June 30, 2024, was RMB 6,418.5 million, a decrease of 3.2% compared to RMB 6,633.4 million in the same period of 2023[4]. - The company recorded a net cash inflow from operating activities of RMB 397.5 million, down 81.8% from RMB 2,182.9 million in the previous year[4]. - For the six months ended June 30, 2024, the total comprehensive income was a loss of RMB 220,968 thousand, compared to a loss of RMB 197,211 thousand for the same period in 2023, representing an increase in loss of approximately 12.1%[8]. - The basic and diluted loss per share for the six months ended June 30, 2024, was RMB 2.91, compared to RMB 2.66 for the same period in 2023, indicating a decline of about 9.4%[8]. - The company reported a net loss attributable to shareholders of RMB 228.3 million for the period, a decrease of 209.1% compared to a profit of RMB 209.3 million in 2023[76]. - Basic and diluted loss per share was approximately RMB 2.91, compared to earnings of RMB 2.66 in 2023[76]. Revenue and Sales - Raw milk sales revenue amounted to RMB 5.112 billion, reflecting a year-on-year growth of 1.3%[2]. - Revenue from raw milk business was RMB 5,111,706 thousand, up from RMB 5,044,062 thousand, reflecting a growth of 1.3% year-over-year[16]. - The group reported a total revenue of RMB 6,418,499 thousand for the six months ended June 30, 2024, a decrease of 3.2% compared to RMB 6,633,422 thousand for the same period in 2023[16]. - The average selling price of raw milk was RMB 3.66 per kg, reflecting a decrease influenced by the domestic raw milk market price decline[57]. - The company sold approximately 1,398,437 tons of raw milk, an increase of 13.4% compared to 1,233,400 tons in 2023, attributed to improved annual yield per cow[56][57]. - The integrated breeding solution business generated revenue of RMB 1,306.8 million, down 17.8% from RMB 1,589.4 million in 2023, primarily due to market conditions[58]. Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 24,792,417 thousand, an increase from RMB 24,526,141 thousand as of December 31, 2023, reflecting a growth of approximately 1.1%[9]. - Current assets decreased to RMB 7,415,491 thousand as of June 30, 2024, from RMB 6,868,103 thousand as of December 31, 2023, showing a decline of about 7.9%[9]. - The company's total liabilities as of June 30, 2024, were RMB 13,092,542 thousand, compared to RMB 11,088,696 thousand as of December 31, 2023, indicating an increase of about 18.1%[10]. - Non-current liabilities increased to RMB 6,412,729,000 as of June 30, 2024, compared to RMB 5,183,959,000 as of December 31, 2023[41]. - As of June 30, 2024, the company reported a total debt of RMB 9,468,381,000, an increase of 28.2% from RMB 7,390,443,000 as of December 31, 2023[41]. Cost and Expenses - The cost of sales for raw milk production was RMB 3,564,743,000, slightly down from RMB 3,617,480,000, indicating a decrease of 1.5%[26]. - Employee benefits expenses rose to RMB 445,525,000, compared to RMB 405,443,000 in the previous year, an increase of 9.9%[26]. - Interest expenses on bank loans decreased to RMB 147,608,000 from RMB 163,883,000, a reduction of 9.9%[28]. - The total borrowing cost was RMB 244,427,000, slightly down from RMB 244,688,000, indicating a decrease of 0.1%[28]. - The income tax expense for the six months ended June 30, 2024, was RMB 15,951,000, compared to RMB 15,397,000 in the previous year, an increase of 3.6%[29]. - The net loss from other income and expenses increased to RMB 53.7 million, compared to a net loss of RMB 46.3 million in the previous year[73]. Operational Metrics - Average annual milk yield per cow reached 13 tons, representing a year-on-year increase of 3.2%, while total raw milk sales volume reached 1.4 million tons, up 13.4% year-on-year[2]. - The herd size increased by 6.3% to 444,859 heads compared to 418,596 heads in the previous year[4]. - The company operates 42 farms across 13 provinces and regions in mainland China, focusing on optimizing the breeding environment and cow health[47]. - The company aims to enhance its breeding capabilities by increasing investment in breeding technology and achieving self-sufficiency in core breeding resources[53]. Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[3]. - The company declared a final dividend of RMB 0.0045 per share, totaling RMB 34,888,000, down from RMB 111,997,000 in the previous year[32]. - The company purchased a total of 36,914,000 shares of its ordinary stock for a total price of HKD 27,769,000 (approximately RMB 25,281,000) under its share award plan[88]. Governance and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, overseeing financial reporting and risk management[89]. - The group's interim financial statements for the six months ending June 30, 2024, have been reviewed by the auditors in accordance with the relevant standards[90]. - The interim results announcement will be published on the company's website and the Hong Kong Stock Exchange website[91]. - The company expresses gratitude to shareholders for their continued support and acknowledges the hard work of all employees[92].
现代牧业(01117) - 2024 - 中期业绩